Ripple Labs Inc.-backed digital currency Flare (FLR) is on a bullish rampage today, pushing the Oracle protocol to new price heights. The cryptocurrency has soared as high as 16.3% to $0.04541, jumping as high as $0.04794 in the 24 hours. With its current boom, Flare has pushed its overall seven-day growth to 28.92%.
Flare ecosystem updates
The primary reason behind the surge in FLR can be traced to its ecosystem updates. As announced by the protocol, it welcomed some funding from investors, including Hong Kong and U.S.-based Kenetic, and New York-based Aves Lair, among others.
This funding round is a big move by Flare investors as they have agreed to vest their tokens through Q1, 2026, while reinvesting their profits from token sales into projects within the Flare ecosystem. Getting funded by prominent Venture Capital firms is a big boost for any protocol as it stands as a vote of confidence for the outfit overall.
Flare network is also known to undergo a series of upgrades, with the latest set to be ushered in through the voting on STP.06 and FIP.06 that is poised to commence soon. These upgrades are vital as they can help add 1,000 new data feeds to the Oracle, thus making it more versatile.
Amid these updates, the Flare network, according to the VP of Engineering at Flare Labs, now boasts a total of 20 million blocks, and 60 million transactions, a true show of its growth to date.
Establishing dominance
Flare has created a niche for itself in the Web3 oracle world, and it seeks to wrestle a good market share from industry leader Chainlink (LINK). Amid multiple updates, Flare’s Total Value Enabled (TVE) still falls below that of Chainlink, along with overall reach.
With a historic price surge and transaction growth, Flare has proven it has what it takes to chart a more ambitious path for itself.